Category: Legal

Work on drafting a fresh piece of legislation to replace the present Companies Act is due to get off the ground next week.The committee, which includes legal luminaries, like Aritta Wikremanayake, Dr. Harsha Cabraal, representatives from trade chambers, accounting bodies and the Bar Association, have been set a three months deadline to draw up a […]

Parliament is expected to push through the long over due Intellectual Property Act by mid June.Parliament gave the Act a preliminary hearing on May 22 with officials now expecting the Prime Ministers interest in the new legislation to accelerate the process.rn rnAn out of court dispute resolution mechanism is among the highlights in the new […]

The countrys banking laws will be amended this year to regulate dozens of unlicensed deposit taking companies.Authorities are considering Amendments to the Banking Act with a fresh definition of what constitutes a lquote Deposit.rn rnExperts say the Amendments will prevent unregulated Limited Liability Companies from taking public deposits unless they come under the Banking Act.rn […]

Consumer protection has been a concern of every administration but analysts say that Sri Lankan consumers are far from being kings. A new Act is trying to put the consumer on top, suing professionals and traders in the process.But analysts warn that over-regulation may put off the private sector and worse still, potential foreign investors.rn […]

A new Act to strengthen Property Rights covering all areas in Intellectual Property from patent rights to trade marks is coming into force this month. Hundreds of retail outlets selling pirated computer software and music could disappear overnight if the full force of the law is used.rn rnToday from adventures in cyberspace at the click […]

The Court of Appeal issued an interim order on Friday stating a Consumer Affairs Authority (CAA) direction allowing all LP Gas traders to refill and sell LPG in any cylinder given to them.The court order was made following a writ filed by Shell Gas Lanka Limited (SGLL) against the Consumer Affairs Authority and two other […]

Laws to give banks and finance companies more muscle to tackle bad debts have got regulatory approval and are now before the Legal Draftsmens Dept. Under the amendments to the Debt Recovery Laws, finance companies registered with the Central Bank will be given similar parate rights as banks, says Dr.Wickrema Weerasuriya, Central Banks Consultant on […]

The Cabinet of Ministers rejected a decade old draft Companies Act over its departure from English Law principles.A Cabinet sub committee that had a look at the draft Act, which is based on the New Zealand Companies Act, says it goes against the English Law practiced in the country.rn rnThe corporate and legal profession, which […]

Cabinet cleared four amendments to the Shop and Office Act, supporting nighttime employment and an increase in workman compensation.If passed in Parliament in May, shops can remain open past 10 pm, while female workers will be allowed to work late nights, Labour Minister, Mahinda Samarasinghe told journalists.rn rnThe amendments also support employing female staff on […]

The private sector is calling for amendments to the Consumer Affairs Authority Act that is due to come into force on April 1, saying it has too many holes.The Act became law on the March 17 and is due to come into effect from April 1.rn rnAmong key concerns is the impartiality of politically appointed […]

Professional service sectors are trying to drum up support to push for amendments that will re-define the scope of the new Consumer Affairs Authority Act. rnrnPassed in Parliament in January, the Act has been heavily criticised for making a sweeping generalisation of controls available for all services as well as traders.rn rnThe Act was hauled […]

Lawyers for Pramuka depositors told court Friday that the monetary board had no authority to liquidate Pramuka Bank.Depositors argued that the Monetary Board ceased to exist after certain amendments were made to the Monetary Law Act.rn rnThe depositors legal counsel argued that according to the changes, a five member monetary board had to be appointed […]